New Street Research - Bharti Airtel Limited (BHARTIARTL) ... Indian Mobile Price hikes priced in?

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New Street Research

Chris Hoare

EUR 9486.00 For Business Accounts Only

Indian Mobile Price hikes priced in?

Jio leads India's first mobile hike since December 2021; we expect peers to follow. The announcement was made after the conclusion of the spectrum auction where Jio only participated modestly. This is thus structurally positive. However, that both Bharti and VIL are trading down on this news is indicative of how much good news is already priced into Indian mobile. Our thoughts below.

28/06/2024 1 EN

Underlyings

Bharti Airtel Limited

Bharti Airtel provides telecommunication systems and services to individuals and businesses in India with operations in 20 countries across Asia and Africa. In India, Co.'s product offerings include 2G, 3G and 4G wireless services, mobile commerce, fixed line services, high speed DSL broadband, IPTV, DTH, enterprise services including national & international long distance services to carriers. In the rest of the geographies, it offers 2G, 3G wireless services and mobile commerce. Co. had nearly 287 million customers across its operations at the end of Dec 2013.

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INE397D01024 National Stock Exchange of India India

Vodafone Idea Ltd

Idea Cellular provides Global System for Mobile Communications (GSM) based mobile services and related telephony services to individuals and businesses in India. The company operates through three segments: Mobility Services, which provides GSM based mobile and related telephony services; International Long Distance (ILD), which provides international long distance services; and Passive Infrastructure, which provides passive infrastructure services. Co. offers 2G and 3G services that comprise roaming arrangements; ILD and other services; and a range of mobile broadband devices, including dongles and 3G smartphones that provide 3G applications and data services.

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INE669E01016 National Stock Exchange of India India

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Analysts

Chris Hoare

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Indian Mobile Price hikes priced in?

Indian Mobile VIL – Nationalisation beckons, and implications for Bharti/RIL

Indian Telcos – Final AGR ruling and Vodafone IDEA Equipment deal – Our thoughts.

Indian Telcos Rumours that Middle East Sovereign Wealth Funds are bidding on Indian Govt stake in Vodafone IDEA; Thoughts and implications for VIL and the other Indian Telcos

BABA FY2Q25 Results: Monetization Starts to Stabilize for Taobao and Tmall

ASML 2024 CMD: What did we learn?

Novo - 2025 Growth Sensitivities (BUY, TP DKK1150, 8pgs)

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